Is Grad School the Last Resort for Generation Y?

In an article on Forbes.com yesterday, Deb Weinstein reports that jobless grads are increasingly turning to grad school as a backup option in the face of dismal job prospects, even though some of their possible post-school job prospects are also disappearing.

As we’ve reported here before, both of the GRE and the GMAT have seen growth in the number of tests taken in the U.S. over the past year — 13% and 4.9%, respectively. (Some of that GRE growth may have come from more business schools increasingly accepting the GRE.) Even more impressively, the LSAT saw a 20% jump in the number of tests taken in 2009 vs. 2008. This comes while some big law firms are actually paying their new hires to take a year off.

But the growth doesn’t stop there. Even journalism schools have seen record numbers of applications this past year, even as the publishing industry has shed 90,000 jobs and more than 100 newspapers have shut down. Why would these people all rush back to school now?

The obvious answer is that, although their job prospects may not be especially bright when they graduate, these young grads would rather take their chances in the job market in two or three years, rather than now. Even if the job market isn’t significantly better in 2012, then at least these folks will come out of school armed with additional skills, certifications, and contacts, making their reentry into the job market a little easier (at least in theory).

Also, human nature steers us toward a “I’ll worry about it later” mentality — even if they don’t end up being any better off in a couple of years, at least getting into grad school will give these young people the luxury of being able to hide out on campus and not quite yet have to face the real world. Sometimes, especially when the economy is rough, this can be grad school’s biggest appeal (especially when Mom and Dad pay for it!).

If you’re thinking about graduate school and want more help in getting into business school, law school, or medical school, call us at (800) 925-7737 and speak with a Veritas Prep admissions expert today!

2 thoughts on “Is Grad School the Last Resort for Generation Y?”

"Mon and Dad"? As a member of Gen Y (1989 Represent!!) I am offended by your spelling; but yeah….I'm in grad school now because I most definitely could not find a job after graduating this year (graduated early). Hopefully by the time I finish my Ph.D., the job market will have improved along with my credentials…I'll let you know in 2014 lol.